MetLife Investment Management LLC Acquires 30,513 Shares of Permian Resources Co. (NYSE:PR)

MetLife Investment Management LLC increased its position in Permian Resources Co. (NYSE:PR - Free Report) by 9.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 365,197 shares of the company's stock after purchasing an additional 30,513 shares during the quarter. MetLife Investment Management LLC's holdings in Permian Resources were worth $5,252,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of PR. Principal Securities Inc. increased its holdings in shares of Permian Resources by 73.6% in the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock valued at $29,000 after purchasing an additional 852 shares during the last quarter. ORG Wealth Partners LLC bought a new stake in shares of Permian Resources during the 4th quarter worth about $31,000. Global Retirement Partners LLC grew its stake in Permian Resources by 98.4% in the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock valued at $36,000 after buying an additional 1,232 shares during the last quarter. Rakuten Securities Inc. raised its holdings in Permian Resources by 1,152.5% in the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock valued at $36,000 after acquiring an additional 2,305 shares during the period. Finally, RE Dickinson Investment Advisors LLC acquired a new stake in Permian Resources during the fourth quarter worth approximately $41,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total transaction of $38,288.62. Following the sale, the chief accounting officer now directly owns 58,668 shares of the company's stock, valued at approximately $822,525.36. The trade was a 4.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Guy M. Oliphint sold 4,150 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $13.99, for a total transaction of $58,058.50. Following the transaction, the chief financial officer now owns 130,467 shares of the company's stock, valued at approximately $1,825,233.33. This represents a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,685 shares of company stock worth $135,687. Insiders own 12.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on PR shares. Royal Bank of Canada decreased their target price on Permian Resources from $18.00 to $16.00 and set an "outperform" rating on the stock in a research report on Monday, April 14th. Bank of America decreased their price objective on Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a report on Tuesday, April 1st. Truist Financial lifted their target price on Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a report on Monday, January 13th. Williams Trading set a $19.00 target price on shares of Permian Resources in a research report on Wednesday, March 5th. Finally, Susquehanna lowered their price target on shares of Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a research report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Permian Resources has an average rating of "Moderate Buy" and a consensus price target of $18.67.

Permian Resources Price Performance

Shares of NYSE PR traded up $0.06 during trading hours on Friday, hitting $12.26. 6,323,320 shares of the stock were exchanged, compared to its average volume of 9,739,138. The company's fifty day simple moving average is $12.79 and its two-hundred day simple moving average is $14.03. The company has a market cap of $9.85 billion, a PE ratio of 7.43, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. Permian Resources Co. has a 1-year low of $10.01 and a 1-year high of $17.62.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.89%. The ex-dividend date was Monday, March 17th. Permian Resources's dividend payout ratio is presently 41.96%.

Permian Resources Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.